Today, we decided to present you with a brief overview of CROBEX constituents’ free float.

In our analysis we considered free float to equal all individual shareholdings lower than 5%, while pension funds, UCITS funds and government were considered as free float regardless of their shareholding percentage.

Free Float of CROBEX Constituents (%)​

Among the 18 CROBEX components half of them have a free float higher than 50%, indicating that the half of CROBEX components are still held by a small group of majority shareholders. Of the constituents, there are four companies that have free float over 90%. On the top of the list are Podravka and Končar with a free float of 100%, followed by Ingra with 93.61% and Adris (preferred) with 91.84%.

On the other hand, ZABA and Kraš have less than 10% of free float. ZABA has free float of 3.80% and is almost completely owned by Unicredit 84.48% and Allianz 11.72%, while Kraš has free float of 8.69%, Mesna Industrija Braća Pivac has the majority share by 54.94%.

Prime market is the most demanding market on the Zagreb Stock Exchange regarding the requirements set before the issuer. It is worth noting that it requires the issuer to have a free float of at least 35%. If we were to compare CROBEX to that parameter, only 3 companies (ZABA, Kraš and Brodogradilište Viktor Lenac) would not meet the criteria.

In a statement released yesterday on the Bucharest Stock Exchange, OMV Petrom announced that they plan to invest roughly EUR 70m at the Petrobrazi refinery to replace four Coke Drums.

The largest energy company in South-Eastern Europe OMV Petrom is planning to invest EUR 70m at Petrobrazi refinery to replace four Coke Drums that are crucial during the refining process. These drums ensure the stage of upgrading heavy components to superior products at very high temperature and are designed to last over 5,000 operating cycles and the envisaged lifespan is over 20 years.

Note that the replacement will take place between 2021 and 2023 and this year will be invested approximately EUR 11m.

Comparing to the previous year’s investment, this EUR 70m investment is between 8% and 13% of total OMV Petrom Group CAPEX in 2016-2020 period.  

OMV Petrom has invested approximately EUR 1.8bn in the refinery, one third of this investment contributing to the reduction of the environmental impact. This indicates the significance of this investment that makes 4% of all OMV Petrom investments in Petrobrazi refinery.